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Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
 Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% in 2022), which is way below the 10-year average growth of 3.6%. While new orders are not coming in fast enough to halt the trend of an ageing fleet, the introduction of EEXI, CII and EU ETS at the beginning of 2023, has resulted in a record of 61% of newbuild orders being alternative fuelled.
According to our data, tanker fleet renewal remains muted across 1H22. Overall, 31 vessels have been ordered within 2022 in the wet sector (with the orderbook standing at 5% of fleet capacity), of which 1 is methanol & ammonia ready, 1 is methanol fuelled, 2 are battery powered and 2 are LNG fuelled. With risks to the tanker demand still prevailing on the back of macroeconomic factors and high oil prices, the tanker market has witnessed significantly improved conditions in recent months, underpinned by shifts in trade patterns resulting in tonne-mile increase. Low stocks, paired with high refinery margins are expected to further boost trade growth in seaborne volumes and tonne-miles and contribute to the revival of an ageing fleet.
On the dry front, contracting activity hit low levels, partly on the back of uncertainty over decarbonization trends. Current orderbook stands at 7% of the fleet capacity, marking a 30-year low, which suggests a very limited growth capacity. According to our records, 85 bulkers have been ordered during 1H22, of which 5 are LNG fuelled or dual-fuelled, 3 being ammonia-ready/fuelled and 25 meeting EEDI phase 3 standards. Overall, 14 % of the total orderbook are alternative fuel capable, with Capesize segment leading the decarbonization pathway.
On the container front, however, the market sentiment is bullish with an orderbook at 28% of the fleet capacity. Amid disruptions to the world trade caused by the pandemic and a shortage of new vessels, freights have been rallying and therefore, fuelling owners’ appetite for boxhsips, which has prevailed during 1H22. More specifically, out of the total of 295 vessels ordered, 57 are dual-fuelled and LNG fuelled, 32 are methanol and ammonia-ready, while 31 meet EEDI phase 3 standards.
Newbuilding ordering activity has further been supported by the recent spree in LNG contracts. According to our data, contracting activity in the sector hit record highs with a total of 112 new vessels ordered within 2022, boosting the orderbook to 37% of the fleet capacity. Berths for the Qatar LNG project are monopolizing the owners’ interest, providing further support to the market. Out of the total of 112 vessels, 32 are booked for the Qatari project and 6 of them are dual or LNG-fuelled. Further supported by growth in LNG tonne-mile trade on the back of the sanctions on Russian gas from EU/US, and the recently announced plan for expansion of Qatar’s mega-plant and Cheniere’s Corpus Chritsti plant, market sentiment for LNG contracting activity remains firm.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
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